APPG reaction to LSE Mortgage Prisoner Report
Reacting to the publication of the report from LSE, funded by Martin Lewis of Moneysavingexpert.com:
Seema Malhotra MP, Co-Chair of the APPG on mortgage prisoners said "The LSE report is right that the policies put forward by the FCA and the Government will only help a small minority of mortgage prisoners. We need further action and full consideration of policies which could ensure that all mortgage prisoners are protected and get a fair deal. Too many are still stuck paying high interest rates and the coronavirus is making their situation worse. We repeat our calls for the FCA to cap Standard Variable Rates. The Government must expand the powers of the FCA so that it can protect customers who have their mortgages owned or influenced by unauthorised firms and vulture funds."